What are currency values. The concept of currency and currency values
Currency values are , on the one hand, a term that is clear to everyone and does not require special explanations. On the other hand, with respect to currency values are only foreign money or not can explain only a small number of citizens. We will familiarize ourselves with questions that slightly open up a curious area of currency regulation in this article.
Determination of currency values
The term "currency" comes from the Italian word, which in a broad sense means any commodity adapted for exchange in the domestic market of the state or on international trading floors. In the narrow sense, the name "currency" is used as an analogue of the word "money" or, rather, a monetary unit as a thing (banknote or coin) or as a measure of value, means of payment.
There are 2 defining criteria applied to the currency:
- authenticity;
- solvency.
At the same time, based on various criteria, it is possible to distinguish such types of currencies as:
- In relation to the state:
- national;
- foreign.
- freely convertible;
- inconvertible.
- cash;
- cashless.
- reserve;
- dominant.
- provided with precious metals;
- unsecured.
Thus, currency values are a list established by the state property funds, in relation to which a special method of currency regulation and currency control is determined.
Currency legislation
If we go from big to small, then first of all, in a series of normative acts on currency values, the Civil Code of the Russian Federation should be called. However, this document contains only one rule on the topic (Article 141) and that is a reference, since it determines that the types of property related to currency values and the procedure for its turnover are concretized by the legislation on currency regulation.
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The main law designed to streamline foreign exchange transactions is the law "On foreign exchange regulation and foreign exchange control" dated December 10, 2003 No. 173-FZ. The law consists of 28 articles and defines, in particular, the principles of currency regulation and control, regulatory bodies, the procedure for the import and export of currency values from Russia, and the specifics of control over currency turnover operations.
In addition to those indicated, Article 250 is related to the circulation of currency. Tax Code concerning non-operating income, item 5 of Art. 4 of the Law "On Customs Regulation in Russia" dated November 27, 2010 No. 311-FZ, regarding the movement of currency values across the border - Art. 101 Decisions of the Council of CIS Heads "On the Basics of Customs Legislation of the CIS Member States" dated 10.02.1995.
Currency values include
Previously, the legislation defined a fairly wide list of property classified as currency values. It:
- banknotes foreign states;
- overseas promotions;
- precious metals in the form of products and scrap;
- natural gems.
Currently, from the above list, only foreign money and foreign money are included in the types of currency values. securities.
Both earlier and now, national monetary units and Russian securities do not belong to currency values. This is due to a practical task, according to which only transactions with foreign money and shares should be subject to the legislation on foreign exchange regulation.
Regulation in the field of foreign exchange turnover, foreign exchange transactions
All legislation on currency turnover is based on the following principles:
- The prevalence of economic measures in the implementation of state policy in the field of currency regulation.
- Removal of the state and government agencies from intervention in the transactions of individuals with currency.
- Unification of the national and international policies of Russia in relation to currency regulation and turnover.
- Interrelation and interaction of systems of currency regulation and currency control.
- Providing individuals with state protection of rights and economic interest in currency turnover.
The main bodies exercising currency regulation and control are the Central Bank of Russia and the Government. These formations publish, within the framework of their powers, instructions that are binding on citizens and organizations of Russia and foreigners... The central bank sets general forms accounting and reporting on currency turnover, procedures and time frames for the provision of documentation.
In accordance with Art. 9 of Law 3 173-FZ, foreign exchange transactions between citizens and organizations of Russia are mainly prohibited, with the exception of:
- non-cash transfer of foreign Money between citizens;
- actions for the circulation of currency with the participation of consular and diplomatic institutions and persons;
- operations with foreign securities;
- business trips and trips abroad;
- traffic related activities foreign currency for the execution of budgetary fees of the Russian Federation;
- other.
It is important to know that a citizen can transfer to the account of another citizen, who is not a relative or spouse, to a bank in a foreign country at a time in 1 day through 1 bank an amount of no more than $ 5,000 at the exchange rate on the day the funds are debited.
The subject of regulation currency relations are currency transactions, including transactions with currency values. According to the current law on foreign exchange regulation and control of December 10, 2013 (hereinafter - gold and foreign exchange reserves), currency values include 2 types of values: foreign securities and foreign currency.
Currency and currency values: concept and composition
To determine what includes the concept of currency and currency values, you need to refer to the provisions of the gold and foreign exchange reserves and VC. The first article of this law contains the conceptual apparatus that is used in the law.
According to these provisions, the Russian "currency" consists of:
- cash banknotes (coins, banknotes) of the Bank of Russia;
- non-cash funds in bank accounts and deposits.
Foreign "currency" includes:
- cash banknotes (coins, treasury notes, bank notes) of foreign countries;
- non-cash funds in bank accounts and deposits, denominated in monetary units foreign countries, as well as international settlement or monetary units.
What is included in the concept of "currency values" is formulated in the gold and foreign exchange reserves and the VC. Note that the predecessor current law, namely the currency law of 09.10.92 No. 3615-1 referred to currency values not only securities and currency, but also precious metals and stones. However, the legislator changed his approach, and now, according to the law, currency values do not include, for example, gold, diamonds, silver, etc. Accordingly, they are removed from the sphere of currency regulation. At the same time, their circulation is regulated by special legislation. The main thing for them is the law on precious metals and stones from 26.03.98 № 41-FZ. By the current legislation, only foreign currency and foreign securities are classified as currency values.
We have already determined what belongs to foreign currency above, now let's talk about which securities belong to currency values.
The concept of securities is defined in Article 142 of the Civil Code of the Russian Federation. According to its provisions, these include bonds, bills, stocks, investment units, mortgages, bills of lading, checks, other securities.
For the purposes of currency regulation, securities are divided into internal and external. The legislator defines the concept of external securities as securities not related to internal ones. At the same time, a special emphasis is placed on the fact that this also includes the so-called uncertified securities (the so-called securities in the form of an entry on the account, which do not have a classical paper form).
Domestic securities in accordance with the provisions of the gold and foreign exchange reserves and VC include:
- equity securities placed in Russian currency, the release of which is registered in Russia;
- other securities placed in Russia and granting the right to receive Russian currency.
Foreign exchange transactions with domestic securities fall under the scope of regulation of gold and foreign exchange reserves and VC, when a non-resident participates in their performance. Such transactions between residents are not subject to currency regulation rules.
As for currency values, the law establishes the rules for their import into the territory of the Russian Federation and export from the territory of the Russian Federation; transfer from account to account, as well as without opening accounts; purchase and sale of foreign currency and checks in foreign currency. At the same time, some operations may be limited or prohibited altogether.
So, to date, the amount of transfers in foreign currency between individuals resident to accounts in foreign banks; transactions with foreign exchange values between residents are prohibited, with some exceptions.
Question 62: The concept of currency, currency values, currency transactions in the currency legislation of the Russian Federation
The legal framework and principles of currency regulation and currency control in the Russian Federation are established by the Federal Law of 10.12. 2003 No. 173-FZ “On Currency Regulation and Currency Control”.
RF currency:
1) banknotes in the form of banknotes and coins of the Central Bank of the Russian Federation, which are in circulation as a legal means of cash payment on the territory of Russia, as well as those banknotes that are withdrawn or withdrawn from circulation, but subject to exchange;
2) funds in bank accounts and in bank deposits.
Foreign currency:
1) banknotes in the form of banknotes, treasury bills, coins in circulation and being legal remedy cash payment on the territory of the corresponding foreign state (group of foreign states), as well as the indicated banknotes withdrawn or withdrawn from circulation, but subject to exchange;
2) funds in bank accounts and in bank deposits in monetary units of foreign states and international monetary or units of account.
Currency types:
1) cash;
2) non-cash.
Types of foreign currency:
1) freely convertible - currencies of those countries in which their free exchange for currencies of other states is allowed;
2) partially convertible - currencies in relation to the exchange of which certain restrictions have been established;
3) non-convertible - currencies prohibited for exchange, used only within a certain country;
4) international - artificial currencies used in international relations (for example, the euro).
Currency values- foreign currency and foreign securities, which are securities, including those in uncertificated form, not related to domestic securities.
Domestic securities:
1 Equity securities, the par value of which is indicated in the currency of the Russian Federation and the issue of which is registered in the Russian Federation;
2) other securities certifying the right to receive the currency of the Russian Federation, issued on the territory of the Russian Federation;
Currency values- values in respect of which the currency legislation has established a special limited circulation regime on the territory of the country.
Currency values include:
1) foreign currency;
2) securities denominated in foreign currency - payment documents (checks, bills of exchange and other payment documents), equity securities (including shares, bonds), securities derived from equity securities (including depositary receipts), options giving the right to purchase securities, and debt obligations denominated in foreign currency;
3) precious metals - gold, silver, platinum and platinum group metals (palladium, iridium, rhodium, ruthenium and osmium) in any form and condition, with the exception of jewelry and other household items, as well as scrap of such items;
4) natural precious stones - diamonds, rubies, emeralds, sapphires and alexandrites in raw and processed form, as well as pearls, with the exception of jewelry and other household items made from these stones and the scrap of such items.
The Government of the Russian Federation establishes the procedure and conditions for classifying products made of precious metals and natural precious metals as currency values.
Currency operations:
1) acquisition by a resident from a resident and alienation by a resident in favor of a resident of currency values for legal grounds, as well as the use of currency values as a means of payment;
2) acquisition by a resident from a non-resident or by a non-resident from a resident and alienation by a resident in favor of a non-resident or by a non-resident in favor of a resident of currency values, Russian currency and domestic securities on legal grounds, as well as the use of currency values, Russian currency and domestic securities as a means of payment ;
3) acquisition by a non-resident from a non-resident and alienation by a non-resident in favor of a non-resident of currency values, Russian currency and domestic securities on a legal basis, as well as the use of currency values, Russian currency and domestic securities as a means of payment;
4) import into the customs territory of the Russian Federation and export from the customs territory of the Russian Federation of currency values, Russian currency and domestic securities;
5) transfer of foreign currency, Russian currency, domestic and foreign securities from an account opened outside the territory of the Russian Federation to the account of the same person opened in the territory of the Russian Federation, and from an account opened in the territory of the Russian Federation to the account of the same person opened outside the territory of the Russian Federation;
6) transfer by a non-resident of the currency of the Russian Federation, internal and external securities from an account (from a section of an account) opened in the territory of the Russian Federation to an account (a section of an account) of the same person opened in the territory of the Russian Federation.
Classification of foreign exchange transactions:
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Legal framework and principles of foreign exchange regulation and foreign exchange control in Russian Federation established by the Federal Law of 10.12. 2003 No. 173-FZ “On currency regulation and currency control”.
Currency of the Russian Federation:
1. banknotes in the form of banknotes and coins of the Central Bank of the Russian Federation, which are in circulation as a legal means of cash payment on the territory of Russia, as well as those banknotes that are withdrawn or withdrawn from circulation, but subject to exchange;
2. funds in bank accounts and bank deposits.
Foreign currency:
1. banknotes in the form of banknotes, treasury bills, coins in circulation and being a legal means of cash payment in the territory of the relevant foreign state (group of foreign states), as well as those banknotes that are withdrawn or withdrawn from circulation, but subject to exchange;
2. funds in bank accounts and in bank deposits in monetary units of foreign states and international monetary or units of account.
Currency types:
1. cash;
2. non-cash.
Types of foreign currency:
1.Freely convertible - currencies of those countries in which their free exchange for currencies of other states is allowed;
2. partially convertible - currencies in relation to the exchange of which certain restrictions have been established;
3. non-convertible - currencies prohibited for exchange, used only within a certain country;
4. international - artificial currencies used in international relations (for example, the euro).
Currency values- foreign currency and foreign securities, which are securities, including those in uncertificated form, not related to domestic securities.
Domestic securities:
1. Equity securities, the par value of which is indicated in the currency of the Russian Federation and the issue of which is registered in the Russian Federation;
2. other securities, which certify the right to receive the currency of the Russian Federation, issued in the territory of the Russian Federation.
Currency values- values in respect of which the currency legislation has established a special limited circulation regime on the territory of the country. Currency values include:
1. foreign currency;
2.securities denominated in foreign currency - payment documents (checks, bills of exchange and other payment documents), equity securities (including shares, bonds), securities derived from equity securities (including depositary receipts), options entitling for the purchase of securities, and debt obligations denominated in foreign currency;
3. precious metals - gold, silver, platinum and platinum group metals (palladium, iridium, rhodium, ruthenium and osmium) in any form and condition, with the exception of jewelry and other household items, as well as scrap of such items;
4. natural precious stones - diamonds, rubies, emeralds, sapphires and alexandrites in raw and processed form, as well as pearls, with the exception of jewelry and other household items made from these stones and the scrap of such items.
The Government of the Russian Federation establishes the procedure and conditions for the assignment of products from precious metals and natural precious metals to currency values.
- Characteristics of foreign exchange transactions
63. Concept and types of foreign exchange transactions. Residents and non-residents in foreign exchange legal relations.
Currency operations this is:
operations, associated with the transfer of ownership and other rights to currency values, incl. operations, associated with the use of foreign currency and payment documents in foreign currency as a means of payment;
import and shipment to the Russian Federation, as well as export and shipment from the Russian Federation currency valuables (foreign currency, securities in foreign currency, payment documents, stock values);
implementation of international remittances.
Everything currency operations are subdivided into:
current currency operations,
currency operations, associated with the movement of capital. Current currency operations:
transfers to the Russian Federation and from the Russian Federation of foreign currency for making settlements without deferred payment for the export and import of goods, works, services, as well as for making settlements related to lending to export-import operations for a period not exceeding 90 days,
obtaining and providing financial loans for a period not exceeding 90 days,
transfers to and from the Russian Federation of interest, dividends and other income on deposits, investments, loans and other operations related to the movement of capital, transfers of a non-commercial nature to and from the Russian Federation (transfers of amounts wages, pensions, alimony, inheritance, and other similar operations).
Currency operations, capital flows:
direct investment, that is, investment in authorized capital enterprises for the purpose of generating income and obtaining the rights to participate in the management of the enterprise;
portfolio investments, that is, the purchase of securities;
transfers in payment of ownership rights to buildings, structures and other property, including land and its subsoil (i.e. real estate);
provision and receipt of a deferred payment for a period of more than 90 days for the export and import of goods, works, services;
providing and receiving financial loans for a period of more than 90 days;
all others operations, non-current foreign exchange transactions.
All these currency operations, related to the movement of capital are carried out only on the basis of the permission of the Central Bank of Russia.
Residents include:
Individuals with permanent residence in the Russian Federation, including those temporarily outside the Russian Federation;
Legal entities created in accordance with the legislation of the Russian Federation, headquartered in the Russian Federation;
Enterprises and organizations that are not legal entities, created in accordance with the legislation of the Russian Federation, with a seat in the Russian Federation;
Diplomatic and other official representations of the Russian Federation located outside the Russian Federation;
Branches and representative offices outside the Russian Federation named earlier legal entities, as well as enterprises and organizations that are not.
The Law refers to non-residents:
Individuals with permanent residence outside the Russian Federation, including those temporarily in the Russian Federation;
Legal entities created in accordance with the legislation of foreign states, located outside the Russian Federation;
Enterprises and organizations that are not legal entities, created in accordance with the legislation of foreign states, with a location outside the Russian Federation;
Foreign diplomatic and other official representations located in the Russian Federation, as well as international organizations, their branches and representative offices;
Branches and representative offices of non-resident legal entities and enterprises that are not legal entities located in the Russian Federation.
The division of subjects of foreign exchange legal relations into residents and non-residents is due to the different volume of rights and obligations granted to them for the performance of various foreign exchange transactions and transactions.
Objects of currency legal relations are understood as follows:
Currency of the Russian Federation;
Securities in the currency of the Russian Federation;
Foreign currency;
Currency values.
64. The concept of insurance. Types of insurance.
65. Reinsurance.
Reinsurance contract is a kind of contract property insurance, which indicates the object of insurance, a certain insured risk, the peculiarity of the persons participating in the reinsurance agreement, etc. insurance compensation under the main insurance contract (information letter of the Presidium of the Higher Of the Arbitration Court RF dated November 28, 2003 No. 75).
In accordance with the provisions of Art. 967 of the Civil Code of the Russian Federation, reinsurance is understood as insurance by one insurer (reinsurer) of the risk of payment of insurance compensation or the sum insured under an insurance contract with another insurer (reinsurer). The law allows for the consecutive conclusion of two or more reinsurance contracts.
Along with the reinsurance agreement, other documents may be used as confirmation of the agreement, which are applied based on the customs of business turnover.
The need to apply business customs in reinsurance relations is determined by the fact that a significant share of the reinsurance capacity by Russian insurers is transferred for reinsurance to foreign insurance companies (non-residents).
And since in international law there is no special normative act dedicated to insurance, and even more so to reinsurance, when determining the terms of reinsurance, participants in a reinsurance transaction use the business customs that have developed in this area of relations, mainly in international reinsurance practice.
Article 13 of the Law of the Russian Federation "On the organization of insurance business in the Russian Federation" defines reinsurance as an activity to protect one insurer (reinsurer) of the property interests of another insurer (reinsurer) related to the obligations assumed by the latter under an insurance contract (main contract) for an insurance payment.
The legislator has established certain restrictions that must be observed when concluding an insurance contract:
1.the risk of insurance indemnity under a life insurance contract in terms of the insured person's survival up to a certain age or period or the occurrence of another event is not subject to reinsurance;
2. insurers who have licenses to carry out life insurance are not entitled to re-insure property insurance risks assumed by insurers.
1. optional, in which the insurer, if reinsurance is necessary, decides which of the reinsurers to offer the risk for reinsurance, and the reinsurer, after assessing the risk and analyzing the available information, decides whether to accept a part of the risk and on what conditions;
2. Obligatory. Under such an agreement, the insurer undertakes to transfer all specifically defined risks in the agreed territory of insurance coverage (for example, accident insurance contracts concluded on the territory of Russia), and the reinsurer is obliged to accept these agreed risks for reinsurance.
The rules stipulated by the Civil Code of the Russian Federation shall apply to the reinsurance agreement, which shall be applied in relation to insurance of entrepreneurial risk, unless the reinsurance agreement provides otherwise. In this case, the insurer under an insurance contract (main contract) that has entered into a reinsurance contract is considered the insured in this last contract (part 2 of article 967 of the Civil Code of the Russian Federation).
The reinsurance contract, like the insurance contract, can be amended or terminated in accordance with the general provisions of Ch. 29 of the Civil Code of the Russian Federation, namely:
1. by agreement of the parties, unless otherwise provided by law or contract (part 1 of article 450 of the Civil Code of the Russian Federation);
2. at the request of one of the parties, the contract can be changed or terminated by a court decision only in case of a significant violation of the contract by the other party and in other cases stipulated by law or the contract (part 2 of article 450 of the Civil Code of the Russian Federation).
An agreement to amend or terminate an agreement is made in the same form as the agreement, unless otherwise follows from the law, other legal acts, agreement or business customs (part 1 of article 452 of the Civil Code of the Russian Federation). Should be distinguished from reinsurance coinsurance. According to Art. 953 of the Civil Code of the Russian Federation, an insurance object can be insured under one insurance contract jointly by several insurers (co-insurance). If such a contract does not define the rights and obligations of each of the insurers, they are jointly and severally liable to the policyholder (beneficiary) for the payment of insurance compensation under a property insurance contract or the sum insured under a personal insurance contract.
The difference between coinsurance and reinsurance is that in coinsurance, one of the parties to a contract is always the insured.
Reinsurance involves only insurance organizations that redistribute the policyholder's risk assumed by the direct insurer among themselves. The advantage of reinsurance is that the insurer reinsuring the assumed risks creates additional guarantees of its financial stability.
66. Legal status subjects of insurance activities.
Within the framework of the activities of any enterprise, it forms certain assets... They are called values. In connection with the development of international relations, it becomes necessary to carry out operations in foreign currencies. This is the formation of another direction - currency values.
Concept and composition: what belongs to them and what does not
Currency values (hereinafter referred to as CC) represent list of specific assets denominated in currency. The concept was introduced in the USSR in order to regulate operations. With regard to the VC, it is currently established several basic methods of control and regulation... As the economic situation in the country and in the world definition of this concept changed.
Currency values included following items:
- foreign currency;
- securities;
- precious metals (silver, gold, platinum);
- natural precious stones (rubies, sapphires, diamonds, emeralds).
Subsequently economic activity on the foreign market has undergone even more liberalization. In 2003, a new law was adopted, related to a change in the interpretation of this concept. According to latest edition, currency values began to include foreign exchange and foreign securities.
Regulatory regulation
Material values
To regulate the process of circulation of objects, a more detailed classification is used, which allows them to stand out as an independent group. That is, these are currency values that are expressed in material form.
These include banknotes, documentary forms of securities. Such objects are abbreviated as IEC.
In more detail, the concept of the Central Bank is considered within the framework of Art. 142 of the Civil Code of the Russian Federation. According to general provisions articles related to this group are stocks, bonds, promissory notes, investment-type shares, checks, etc. In order to ensure currency control, this group includes internal and external central banks. The second group includes documents that are not included in the category of internal documents.
Special emphasis is placed on what the group includes uncertified securities, expressed in the form of an entry on the account, which do not have the classic paper form. According to current legislation, the class of domestic securities includes emission elements that are placed in local currency, and their issue is registered in the country. It also includes other valuables that are located on the territory of the country and give the right to receive Russian currency.
Transactions carried out with internal documents are regulated by the law on foreign exchange regulation and control, that is, a non-resident can participate in such transactions.
The operations carried out by between residents... They do not fall under the general rules and regulations of currency control. If we talk about the EC in more detail, it is worth noting a few rules established by law:
- the import of currency values and their export to and from the territory of the Russian Federation is carried out strictly in accordance with the law;
- money transfer from account to account can be carried out only according to the norms of the law, without opening the corresponding accounts, you can also act;
- they adhere to special regulation when performing transactions of purchase and sale of foreign currencies and checks, which are expressed in them.
At the same time, during the execution of operations, there may be certain restrictions and prohibitions... Currently, between individuals acting as residents, such transactions are made without any particular problems.
In the Russian Federation, the concept of currency values implies special norm, which appears in the framework of several regulatory legal acts at the same time. Here are the main legal provisions:
- Art. 141 of the Civil Code of the Russian Federation: here VCs are described as property, more details on transactions can be found in the framework of regulatory legal acts on government regulation similar transactions;
- Federal Law No. 173 of 10.12.2003 implies a description of the norms of foreign exchange control and regulation.
So, in accordance with the current legislation on currency control and regulation, the group of currency values includes external securities and foreign currency units.
It is also worth noting that the entire first paragraph of the corresponding article contains only a listing of objects that are accepted as international means of payment and are regulated by state level... Therefore, we can talk about the fact that the concept acts as a broader category than currency and the Central Bank.
Relationship with accounting and tax accounting
For the purpose of calculating income tax actions and accounting the term VC has particular importance... The fact is that they are used to recalculate the value indicator associated with a change in the exchange rate of a foreign currency, in the course of this, positive or negative exchange rate differences are formed.
In accounting, these differences are subject to accounting measures for account 91, meaning miscellaneous income and expenses. Concerning tax accounting, then here the operations are carried out within the framework of the composition of non-operating income (with positive value) and non-operating expenses(if negative).
Regulation in the field of foreign exchange turnover
As already mentioned, on the territory of the Russian Federation, control and regulatory measures are carried out in accordance with Federal Law No. 173. It contains detailed information about the basic legal principles supervision, rights and obligations of residents, non-residents of the country in relation to the possession, disposal of the VC.
The prevailing standards are those that contribute to the unambiguous determination of the procedure for the implementation of actions. From the point of view of the law, the right of individuals and legal entities to open accounts in foreign banking structures is subject to regulation.
Thus, currency values include a large number of groups and categories... Each of them is the result of laws and regulations that must be observed and followed. A competent approach to regulation and control is ensured by current legislative issues.